International Document Services (IDS), a mortgage document preparation vendor headquartered in Salt Lake City, Utah, and a division of the Reynolds and Reynolds Company, announced it has acquired Encomia, a provider of eMortgage solutions to both depository and non-depository lenders.
This is the first acquisition for IDS since becoming part of Reynolds and Reynolds in October 2015. By acquiring Encomia, IDS will be in a position to deliver a broader complement of electronic mortgage origination and closing services to clients and the industry at large. Encomia’s eClosing platform, which is designed to streamline electronic loan applications and closings, and software tools are used by major mortgage lenders and provide such services as electronic document storage (eVault), eSignature capture, eValidation, and asset and income verification services.
“When you look at the current mortgage industry landscape, the eMortgage is inevitable—it’s a matter of ‘when,’ not ‘if,’ and IDS wants to be at the forefront of delivering the tools and services our clients need to make the eMortgage a reality within their organizations,” said Mark Mackey, vice president and general manager of IDS. “IDS has historically developed its technology in-house, but we felt there was something to be said for bringing to our clients a proven eMortgage solution that has a demonstrable track record of success in some of the largest lending institutions in the country. To us, that’s what Encomia brings to the table and why this acquisition made perfect sense.”
Regulators, including the Consumer Financial Protection Bureau (CFPB), support the industry’s adoption of eClosing not only because of the potential benefits of eClosing to the mortgage industry, but also because of potential benefits to consumers such as convenience, transparency, and security, according to Mackey.
“Through the Encomia acquisition and other planned additions, IDS is injecting itself deeper into the eMortgage continuum, which starts with docs and moves through eSign, eNotary, eClosing, eNotes and, ultimately, eVault,” Mackey said. “Adding innovative technologies like Encomia’s bolsters our core strengths while also extending our ability to deliver greater efficiencies for lenders and a more transparent, rewarding experience for consumers.”